Newbridge, SDB Deal Went Awry,
Shedding Light on China's Reform

By

Henny Sender Staff Reporter of The Wall Street Journal

Updated June 10, 2003 12:01 a.m. ET

HONG KONG -- When Weijian Shan first joined U.S. venture-capital firm Newbridge Capital in Hong Kong as managing director in charge of Asian operations, he had one request. Mr. Shan, who grew up in mainland China, said he was reluctant to work on China deals.

"In China, there is a lack of respect for private property," Mr. Shan recalls telling his new employers. "If you combine that mentality with the attitude that to...